In the previous Bitcoin price technical analysis titled Indicators Turning Positive, we discussed that the market participants should remain short on the cryptocurrency. Since then, Bitcoin has touched a high of $235.93 and a low of $226.31 very recently.
This was another failed attempt by the bulls, and a further 3-4 percent cut will complete jeopardize their plans.
Take a look at the latest technical indications provided by the daily BTC-USD price chart.
Bitcoin Chart Structure – There was another reason that made the recent jump unimpressive: Bitcoin failed to head above its previous high of $237.66. However, things will change significantly in favor of the longs if Bitcoin pierces above $235 (marked as the resistance) in quick time.
Moving Averages – This is one very bearish crossover that the market participants must take a look at. The 30-day SMA of $250.0727 has crossed the 200-day SMA of $250.7289 on the downside. When a short-term moving average crosses a long-term moving average on the downside, it indicates a bearish trend in the short-term.
Moving Average Convergence Divergence – Even while the